Any moon traders out there? The past few days, the night-time moon has been quite bright. People make irrational decisions and become bolder in their convictions. Some of that effect can be seen in the recent plummet of the market.
The hourly SPX could be an Elliott wave 4 (consolitation), because the past three days sure look like an impulse wave 3 (due to the higher relative volume) or less likely, exhaustion wave 5 . On a multi-year daily chart, SPX could still be in an Elliott wave A (down), where 10/07 was the end of exhaustion wave 5 up. 3/09 could be the end of this larger wave A down, but given the timeframe, and failure to break the downtrend from the market peek to date, wave A down will likely continue on the weekly timeframe. This does not rule out a bull exhaustion to the 1030's, followed by a more significant correction.
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